Monitor key performance indicators to track progress from "summary" of The E-Myth Enterprise by Michael E. Gerber
To run a successful enterprise, you must constantly monitor key performance indicators to track progress. These indicators are like signposts along the road, showing you where you are and where you need to go. Without them, you would be driving blind, with no idea if you are headed in the right direction. Monitoring key performance indicators is not just about looking at numbers on a page. It is about understanding what those numbers mean, and how they relate to the overall health of your business. For example, if your sales are down, it may be a sign that your marketing efforts are not effective, or that there is a problem with your product or service. By tracking this indicator, you can identify the problem and take action to address it. In addition to monitoring key performance indicators, it is important to set specific goals for your business. These goals should be realistic and achievable, but also challenging enough to push you to do your best. By setting goals and tracking your progress towards them, you can stay focused and motivated, even when things get tough. Another important aspect of monitoring key performance indicators is regularity. You cannot just look at your numbers once a year and expect to make informed decisions. Instead, you need to review your indicators on a regular basis, whether that is daily, weekly, or monthly. This will help you spot trends and patterns that can inform your decision-making process.- Monitoring key performance indicators is a critical task for any business owner. By tracking your progress and setting goals, you can stay on course and make informed decisions that will help your business grow and succeed. Don't neglect this essential aspect of running a business - it could be the difference between success and failure.
